Annual Reports:

2005 Annual Report

Once again on behalf of the Trustees (Murray Tilyard, Graham Crombie and myself), I am pleased to present this Annual Report for the South Link Education Trust.

Our funds are invested in a balanced portfolio of asset classes and are managed on a day-to-day basis by Forsyth Barr Ltd. During the year we have met regularly with our Fund Managers and have adjusted the ratios of asset classes in line with their advice. We are pleased with the results.

In the 2004/05 financial year the Trust has assisted a number of projects:

The Trust has written to the leaders of General Practice in New Zealand, to request their assistance in planning the contribution we wish to make to the global wellbeing of primary care in our country. The identified leaders were:

Heads of Department of General Practice at Dunedin, Christchurch, Wellington and Auckland

CEO of The Royal NZ College of General Practitioners

Chairs of ProCare Health, Pegasus Health, Wellington IPA and IPA Council of New Zealand

GP Council Chair for NZ Medical Association.

We are investigating the provision of an 'Occasional Paper' series by different authors on the subject of 'Primary Care in New Zealand - The Future'. These papers would be presented at one of the South Link Health Inc. residential meetings and would then be published. A lecture tour may also be undertaken.

The Queenstown South Link Health Inc. 'Celebration of General Practice' residential weekend, held in August 2004, was a highlight of the 2004/05 financial year. We extended our support for this initiative in 2005.

The May 2005 IPAC Conference in Christchurch was supported with a major travel grant for the keynote speakers. We do not anticipate this level of continued support for future IPAC conferences.

The second cycle of the 'Update General Practice Books' programme was well supported. The third and last cycle will occur in 2006 with refunds of self purchased books offered.

The second cycle of the Otago Medical School 'Matagouri Club' funding was contributed.

In summary we have had a successful year without any issues requiring major expenditure of funds. The Trust's reserves have grown by a small amount.

The Trustees look forward to continued systematic expenditure of income to support General Practice in the South Island.

Stephen Brown
Chairman
Board of Trustees

South Link Educational Trust

Summary of Financial Performance for the 12 months ended 30th June 2005

Income

2005

2004

Donations

-

9,500,000

Investment Income

844,941

537,239

Total Income

844,941

10,037,239

Operating Expenses

Audit Fees

1,600

1,500

South Link Health Management Fee

10,010

-

Total Costs

11,610

1,500

Surplus prior to distributions

833,331

10,035,739

Distributions

Conference Costs

125,239

-

Director of Education

12,500

-

IPAC Conference

20,000

19,173

Matagouri Club

10,000

-

Medical Books

89,856

73,446

Net operating surplus for year

257,595

92,619

Net surplus (deficit) for year

575,736

9,943,120

South Link Educational Trust

Summary of Financial Position as at 30th June 2005

ACCUMULated funds

2005

2004

Opening Accumulated Funds

9,943,120

-

Plus Surplus (Deficit) for year

575,736

9,943,120

Total Accumulated Funds

10,518,856

9,943,120

Represented by:

Current Assets

ASB Bank

19,216

12,900

Accounts Receivable

-

8,057

GST Receivable

13,172

11,089

Total Current Assets

32,388

32,046

Investments

Forsyth Barr Ltd - Managed Funds

10,511,427

9,966,670

Total Assets

10,543,815

9,998,716

LessCurrent Liabilities

-

Accounts Payable

24,959

55,596

Net ASSETS

10,518,856

9,943,120

The above financial summaries have been extracted from the South Link Education Trust’s full financial audited accounts. If you would like to receive a copy of the full accounts, audited by WHK, please contact Dianne Railton at South Link Health.